Tether Fell Below dollar1 for the First Time Ever in May
Categories: Crypto News US
The crypto space continues to sink deeper into the abyss, and now Tether – an alleged stable currency – is showing signs of falling victim to the heat in the crypto kitchen. Tether saw itself trading for less than $1 for the first time just a few weeks ago.Things started out badly in mid-May when Terra USD – an algorithmic stable currency – lost its peg to USD and ultimately began trading for less than $1. Many felt that this was potentially a one-time thing; a single asset losing its “stable” status, though now the trend appears to be making its way into the arenas of other stable currencies, Tether being the second. As the world’s most popular stable asset, Tether dropped as low as 95 cents on most exchanges prior to a slight recovery that saw it trading at 98 cents just a few hours later.One of crypto’s biggest critics – actor Ben McKenzie of “Gotham” fame – took to Twitter to shove traders’ noses into the swelling losses being experienced by the crypto space. Not long ago, McKenzie co-wrote a book – which is now available for purchase – discussing the alleged risks and problems associated with the digital currency industry.While these shenanigans are fun (and lucrative for the big boys) when the price goes up, when it goes down, all hell tends to break loose. You, my dear average casino patron, are not at the forefront of their thoughts.